Chapter 3 Template Part 2

Complete a general ledger based on the below

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

MMyOpenMath C https://N2.ceng... eBook BShow Me How EPrint Item Adjustment for depreciation Instructions Chart of Accounts Journal Instructions The estimated amount of depreciation on equipment for the current year is $8,255. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.

Name: Time: Queen City Vidadape Trial Balance December 31, 2019 Accaunt Titles Debit Credit Cashin Bank 125,000 30,000 Accounts Receivable Allowance for Uhcollectibe Accaurts Unused Supplies Videdtape Inventory Fumiture and Fixtures 10,000 105,000 80,000 Accumlated Depreciation-Fumiture and Fixtures Notes Payable Accaunts Payabe 50,000 35,000 Accrued Interest Edgar Datbya, Captal Edgar Detoya, Withdrawels Rental Income 162,000 180,000 18000 Other Income Uncallectible Accounts Depreciation Expense InterestExpeanse Damaged Videctape Suplies Used Salaries Expense 95,000 445,000 Tdal 445,000 The following errors and omissions were discovered at year-end prior to closing of the books: a. Uncollectible accounts should be provided at 1% of the outstanding receivable balance. b. Actual cost of supplies used amounted to P6,000. Physical inventory conducted on December 31, 2019 were found to have P15,000 cost of videotapes to have been damaged. Furniture was acquired on October 1, 2019 with an…

Chapter : Depreciation and Provision for Depreciation

1 through 3

On January 1, 2020 (the first day of its fiscal year) Pina Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $11,700,000, and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $13,200,000. 2021: on December 31, tested the patent for impairment and determined that its fair value was $10,500,000. 2022: on December 31, tested the patent for impairment and determined that its fair value was $12,000,000. 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5…

1/1 8/10 8/12 8/25 11/10 (a) Led shows the following entries in its Equipment account for 2023. All amounts are based on historical cost. Balance (b) Purchases of equipment Freight on equipment purchased Installation costs Repairs Your answer is correct Account Titles and Explanation Repairs and Maintenarios Expense Equipment eTextbook and Media List of Accounts Your answer is partially correct Equipment 115.000 Prepare any necessary correcting entries (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no enby is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) 1.Straight-line 27.000 600 2.300 425 Cost of equipment sold (purchased prior to 6/30 2023) 2. Declining balance (assume twice the straight-line rate) Debit 425 Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when acquired, calculate the…

ACCTS RECEIVABLE P 22,500ALLOWANCE FOR IMPAIRMENT LOSS 1,200NOTES RECEIVABLE 20,000OFFICE EQUIPMENT 92,000ACCUMUMULATED DEPRECIATION 4,500RENTAL INCOME 12,000SERVICE INCOME 450,000SUPPLIES EXPENSE 6,250INSURANCE EXPENSE 7,200SALARIES EXPENSE 120,000 REQUIRED:PREPARE ADJUSTING ENTRIES FOR DEC. 31, 2021. 1. UNUSED OFFICE SUPPLIES AT THE END, P 320.2. ONE-YEAR INSURANCE WAS PAID ON APRIL 1 OF THE CURRENT YEAR.3. OFFICE EQUIPMENT HAD A USEFUL LIFE OF 10 YEARS WITH SCRAP VALUE OF P2,000. IT WAS ACQUIRED JULY 1, 2021.4. UNEARNED RENTAL INCOME IS 1/3 OF THE AMOUNT COLLECTED.5. SERVICE INCOME NOT YET COLLECTED, P3,000.6. THE 60-DAY 6% NOTE WAS RECEIVED ON DECEMBER 1, 2021.7. ESTIMATED BAD DEBTS IS 10% OF THE ACCOUNTS RECEIVABLE.8. ACCRUED SALARIES IS P12,000.

Accounting Subject step by step solutions

Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,200 Accounts Receivable 26,000 Allowance for Uncollectible Accounts $ 2,700 Inventory Notes Receivable (5%, due in 2 years) 36,800 18,000 Land 160,000 Accounts Payable 15,300 Common Stock 225,000 57,000 $ 300,000 Retained Earnings Totals $ 300,000 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,000. The company estimates a residual value of $2,000 and a four-year service life. 4 Pay cash on accounts payable, $10,000. 8 Purchase additional inventory on account, $87,900. January January January 15 Receive cash on accounts receivable, $22,500. January 19 Pay cash for salaries, $30,300. January 28 Pay cash for January utilities, $17,000.…

Chart of Accounts Instructions CHART OF ACCOUNTS Equipment acquired on January 6 at a cost of $360,550, has an estimated useful ife of 12 years and an estimated residual value of $69.910 General Ledger Required: a. What was the annual amount of deoreciation for Years 1-3 using the straight-ine method of depreciation? REVENUE ASSETS b. What was the book value of the equpment on January 1 of Year 47 410 Sales 110 Cash c Assuming that the equipment was sold on January 3 of Year 4 for $272.570, journalize the entry to record the sale Refer to the chart of 610 Interest Revenue accounts for the eract wording of the account ties CNOW journals do not use lines for journal explanations Every line on a journal page is used 111 Petty Cash 620 Gain on Sale of Delivery Truck for debit or credt entnes CNOW journals wit automaticaly indent a credit entry when a credit amount is entered 112 Accounts Receivable a. Assuming that the equipment had been sold on January 3 of Year 4 for $303,490 instead of…

Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: 5 years or 10,000 hours Service life Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 1,700 hours and produces 50,000 units. In 2020, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2019 and 2020 under each of the following methods: a. Straight-line method 2019 $ 36,000 2020 $ 36,000 b. Sum-of-the-years'-digits method 60,000 v 2019 $ 2020 $ 48,000 c. Double-declining-balance method 2019 $ 79,200 2020 $ 47,520 d. Activity method based on hours worked 2019 $ 30,636 x 2020 $ 25,200 e. Activity method based on units of output 2019 $ 50,000 v 2020 $ 32,000 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? a. Straight-line method 2019 $ 36,000 x 2020 $ 36,000 x b.…

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2021-2026

Sale of Equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. Chart of Accounts CHART OF ACCOUNTS Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a…

chapter: adjustment financial statements

Exercise 10-24 (Algo) Interest capitalization [LO10-7] On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $1,550,000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $9,000,000, 11% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 31 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Date $ 680,000 1,280,000 896,000 680,000 480,000 January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Average accumulated X Answer is complete but not entirely correct. Expenditure Weight…

Asset End of year Amount Appropriate Required Return C 1 - 16%   2 -     3 -     4 -     5 $35,000

Bonita Company purchaseda new plant asset on April 1, 2020, at a cost of $738,000. It was estimated to have a service life of 20 years and a salvage value of $53,400. Bonita' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, eg. 45,892.) Depreciation for 2020 24 Depreciation for 2021 %24 eTextbook and Media Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, eg. 45,892.) Depreciation for 2020 %24

Prepare retained Earning

1. The adjusting entry to correct the entry made on trade-in of Machine 3 will include aa. Debit to Accumulated Depreciation P67,500b. Debit to Loss on Exchange P58,500c. Credit to Production Machine P67,500d. Credit to Cash P192,000 2. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 3. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750

The following amounts were reported on the December 31, 2019, balance sheet: $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000 Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable The current ratio at December 31, 2019 was: Multiple Choice 6.0 1.5

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Balance Sheet as at    As at 30/9/16    As at 30/9/15    $    $    Assets              Current assets-                    Cash    8,200    9,400          Accounts Receivable    107,000    103,500          Inventory    82,700    71,300    Non-current assets less accumulated depreciation    242,600    245,700    Total assets    440,500    429,900                   Liabilities and Owners' equity              Current liabilities    117,000    120,000    Loan (repayable in 2019)    152,000    150,000    Total liabilities    269,000    270,000    Owners' equity    171,500    159,900    Total Liabilities and Owners' equity    440,500    429,900    Summarised Income Statement of Bishan Enterprise for the year ended 30 September 2016    $        Sales    990,000        Cost of goods sold    580,000        Gross profit    410,000        Operating expenses    350,000        Net profit    60,000        ·    Note - The owner withdrew $48,400 during 2016.        Required:                Calculate…

Stant Company Unadjusted Trial Balance July 31, 2020 Cash $7,500 Accounts Receivable 38,400 Prepaid insurance 7,200 Supplies 1,980 Land 112,500 Building Accumulated depreciation – Building 200,250 $137,550 Equipment Accumulated depreciation – Equipment Accounts payable Salaries and wages payable 135,300 97,950 12,150 Unearned rent 6,750 Tracy Stant, Capital Tracy Stant, Drawing 221,000 15,000 Fees earned 324,600 Salaries and wages expense Utilities expense 193,370 42,375 Insurance expense Supplies expense Depreciation expense Advertising expense Repairs expense Miscellaneous expense 22,800 17,250 6,075 $800,000 $800,000

Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. 2. 3. 4. 5. During 2025, the following transactions occurred. 6. 7. 8. 9. 10. 11. 1. 2. MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Adjustment data: 3. 4. 5. 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900 On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. Marigold performed services for $416,000 on account. On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March 31, 2026. Marigold collected $358,800 from customers on account. Marigold bought $45,630 of supplies on account. Marigold paid $41,860 on accounts payable. Marigold reacquired 520 shares of its common stock on…